It is based on God Natural Fibonacci series of event. It like the Oct 8 start of earning season there is a reason for this to happen the 8th is when he decide that the earth will go another year without the return of Christ and the new world Order. It is written. That is the reason year after year you see earning in October!
The 5 wave is in on the GBP and the Euro what does that mean. If you know that answer you will know what trade setup to look for to profit!
2008 Date Day of Atonement* October 9 Donation in his honor! This is a big time of the year for major moves in the market. Usually the market gain strength on this day year after. This is fact. I wants to send over some interesting stuff on patterns. I heard this on a religious channel the other day. No we are not forcing religion on any one. PLEASE!
The pattern are difficult! The reason the market is moving faster and sometime the wave are combined into one wave which make it hard to read the market so you ;look at Fibonacci to determine exit point like the 61% line. and trendline breaks. This is due to the bad news on wall street!
Tom, you are obviously on the right track. I don't trade Forex, so a can't help you much with that, but it seems that all markets obey the same basic principles. There is a very good trader, Joe Baker, who posts every day under "Joab" in the "trading" forum. He posts major levels for the ES. Even though you are not trading the ES i would suggest taking a look at the hourly ES chart and drawing horizontal lines at Baker's posted levels, and then adding trend lines of your own. I think when you do this it will be clear to you where Joe's levels come from. Then you might try the same on your Forex charts. This should be helpful in deciding the best locations for entries and stops. You might also try different time scales, as i'm sure you are aware that the longer the time frame that S/R levels relate to the more important those levels become. Look especially for intersections of trend lines and price levels. Not all of these intersections will be important, but it won't be long before you'll be able to tell which intersections are likely to be important from where price is relative to these intersections . This also allows looking a little into the future (but not far) to get a rough idea of when in the day the market is liable to be near the important intersection points. That's because sloped trend lines represent the rate of change in price, so the intersection of price levels and trendlines gives you a rough idea of the time of day when price is likely to be near the intersection, or in other words, near a particular price level. For the futures i trade, i also find the calculated trader's pivot points very useful. But i haven't a clue whether they work as well for Forex. You can find the formula in books or on John Person's website. Re the market being rigged, well of course the major players can, and do, move price in the direction they want it to go by trading in large size. This is particularly easy for them to do when the volume is light. It's just part of trading and it's legitimate. They can, for example, start a reversal to take out stops, and then just let the clusters of stop orders move the price the rest of the way in their favor. It's all part of the nature of trading. I'm a little tired right now, did not get much sleep, so i hope this makes some sense. I tried trading TF today and had a pretty good day, so i may be adjusting to it.
Nice trade on the wave down on the Euro made some nice profit this morning! Due to the wave structure we also traded the gbp. If you know the natural cycle that is the key to consistent profits. ES DOW E/U If your dont know the wave structure it is like running your tank in the desert with out a GPS. With the wave structure you can determine bottom and top. ES was the Gap up the other day after close that was my confirmation. Euro today was the last wave up and follow through 123. We only use fibonacci to trade all other Pivot OOC in the dust collector file.
A real nice trade is the average true range is completed late in a session, You have a spike up on the E/U. The range might be extented but your in a down trend. Look at your range from the day before and the atr for the pair. If it 100% or better look for a short around tokyo session. That is a nice trade. If you don't know what this mean look it up very important! Get a chart with this on every pair ATR! Good Luck! High tide and low tide will come in it is a matter of patience. Meaning WAVES and structure!
If they don't line up there is a high % that the Line is with out merit meaning not use ful. So why use them if fibonacci is the Key to nice bounce in price.